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to the fiscal cliff here on "morning joe." with us now from the new york stock exchange, we have cnbc's mary thompson. mary, it's good to have you on this morning. first of all, how's wall street? i mean, we're preparing for whatever the reaction might be to whatever the pitiful little plan that might happen today is. >> you know, right now what we're setting up for is probably a lower open here on wall street. if you look at how the markets reacted over the last five sessions, they've had a five-session losing streak, so it looks like we could be on track for a sixth. what this reflects is the growing expectations, obviously, that a grand bargain on the fiscal cliff won't be reached. now, there still remains some hope here on wall street that maybe a band-aid measure will be reached by day's end. nevertheless, a number of traders told me, they say you know, even if we go over the cliff, they'll probably do a short-term fix at least in the early days of 2013. the problem is is that they don't expect the uncertainty that overshadows how we are going to address the long-term deficit issues her
the fiscal cliff? >> i'm afraid we will. i think it will get fixed right after right into the new year but i don't think it will get solved. >> something small, kicking the can down the road? >> correct. >> that same old thing. >> deal with the impasse until we get to the debt ceiling impasse. >> we'll talk about the politics of that coming up. former governor of pennsylvania and nbc news political analyst, ed rendell. ed, are we going over the cliff? >> no, i think we will kick the can down the road emphatically, but we won't go over the cliff. >> wow. director of the earth institute, economist dr. jeffrey sachs. if we do, should we? >> more of the same because we're not going to solve anything, even if there's a deal today, we're going to see exactly that same tape replayed in two months, four months, six months. so i think there will be some kind of deal today, tomorrow, but it won't solve any of the basic issues. >> so a doomsday deadline would not have worked in this case? it will be the same thing. >> yes, because either side's not really talking about the basics to get to the real res
the consumer confidence stuff. according to a recent study, the fiscal cliff gridlock in washington has taken a tol. a new survey by the conference board shows levels in the first half of december falling to the lowest level since august. an unexpectedly sharp decline. the survey indicates that consumer anxiety stems from worries about the fiscal future and not from the current state of the economic. >> that's completely true. if you look at a lot of economic indicators they're good. the housing market is stabilizes and unemployment is ticks down. companies that have a lot of cash on balance sheets, but this december drop in can confidence, it's hard to think about what this would be about, if not the cliff. >> it's what you said. if you noted you may face thousands of dollars in increases if you're a married couple in taxes, if you're existing on unemployment insurance that may not be there in january, why would you go on a shoppi ping spree or shopping all if you can avoid it? people keep saying, well, it won't be that bad for long. that's according to how long you have money. if you're mid
's the bigger news, right? not the fiscal cliff but the fact that tim geithner announced that the debt ceiling will be hit on december 31st, that he has extraordinary measures to take to delay it a little bit, but we're now in a serious situation. the fiscal cliff was a semi-serious situation. this is a very serious situation. >> what you've got, these two things coming together, the cliff and the debt ceiling, you'll have market reactions that reinforces the sense of unpredictability. if you're an investor, if you're running a business, what you want to know is what the playing field is. you want to know what the rules are. nobody knows anything. it means basically things begin to come to a halt. internationally, it raises all sorts of questions about our competence, our seriousness, our reputation. and these are people who are investing here, who are providing us also with the means to float the deficit. these are the people providing a lot of our financing. well, at some point if this goes on long enough, they begin to think, hold it. >> who's writing a lot of our financing? >> mainly forei
Search Results 0 to 3 of about 4